The Week that Was: Indian Startup News Overview (20 MARCH - 25 MARCH)
India occupies a unique position in the world for a variety of reasons, the most important of which is that it has one of the youngest populations. We have the advantage of leveraging the skill and ability of our youth to drive the nation forward through productive output and innovation. Today, we'll discuss about some startups that had a million-dollar fantastic weekend. From their humble beginnings to their ascension to unicorn status, these companies' growth has established a precedent that has spread far beyond their own industry.
But, before we move on to their successful events, have you ever wondered how the products and services we use every day came to be? It wasn't always an easy road to success for some. Whether it's a lack of funding or a necessary rebranding, startups aren't always successful overnight. These success stories highlight perseverance, creativity, and, in some cases, a lucky break. Let's take a look at some major announcements made this weekend.
Byju's, a ed-tech platform was announced the official sponsor of the FIFA World Cup 2022, which will be held in Qatar, on March 24. As a result, the ed-tech firm has become the first Indian company to be associated with the FIFA World Cup. Byju's will now be able to use the FIFA World Cup mark, emblem, and assets to create unique promotions and distribute them to passionate football fans all over the world.
Byju's is a multinational technology company based in Bangalore that was founded in 2011 by 'Byju Raveendran and Divya Gokulnath' and operates on a freemium model. It is India's largest ed-tech company and is credited with developing the country's most popular and well-liked school learning app. BYJU's founder and CEO, Byju Raveendran, commented on the news, saying, "We are thrilled to be sponsoring the FIFA World Cup Qatar 2022, the world's largest single-sport event."It gives us great pride to represent India on such a prestigious global stage and to advocate for the integration of education and sport. Sport is an important part of life because it brings people from all over the world together. Just as football inspires billions, we at BYJU’S hope to inspire the love of learning in every child’s life through this partnership."
Swiggy Instamart which is India's leading quick commerce grocery service is the official partner for the 2022 season of TATA IPL tournament. The IPL 2022 is scheduled to be played in the country starting this month from March 26 till May 29. This partnership brings together India's undying passion for snacking and its special fervour for cricket. There is no better event than IPL, for consumers to sit back and enjoy their favourite snacks and beverages while watching their favoured team battle it out on the field.
IPL is one of the most celebrated sports leagues in the world, and we are excited to partner with the BCCI to offer a wholesome experience to audiences with our large assortment of munchies, beverages and other snackable options through our quick commerce service Instamart. We look forward to engaging with customers/fans and catering to their needs, be it mid-match snack cravings, beverages and popcorn for nail-biting finishes or sweet indulgences to celebrate team victories", said Ashish Lingamneni, Head of Brand at Swiggy.
Meesho, mainly recognized for promoting unbranded merchandise, is looking for to enter the branded merchandise class, because to expand its direct-to-consumer (D2C) e-commerce enterprise. In line with sources acquainted with the corporate, about 80% of Meesho’s customers and 65% of transacting customers are from its direct promoting enterprise. Now, it’s seeking to seize a bigger pockets Share by going after “reasonably priced manufacturers” in classes like magnificence and electronics, sources conscious of the matter said. The class is being known as Meesho Manufacturers and the corporate has already began hiring folks for the enterprise by skilled networking web site LinkedIn to determine model companions to scale the enterprise.
The Bengaluru-based firm has additionally started work on rebranding its brand and shifting away from pink to enchantment to male customers, sources of Meesho’s plans said.
Oxyzo Financial Services, a digital lending startup co-founded by me, announced that it had reached the USD 1 billion valuation milestone, making it a unicorn. The company reached the milestone with its initial fundraising round of USD 200 million. Interestingly, Ruchi Kalra's company became a unicorn less than a year after her husband Asish Mohapatra's Of Business did, making them the country's first husband and wife to build unicorns.
Ruchi Kalra, 38, and Asish Mohapatra, 41, are Indian Institute of Technology graduates.Mohapatra is the CEO of OfBusiness, while Kalra is the CEO of Oxyzo. According to reports, the couple first entered the startup world with Of Business, which they founded with three others in early 2016.Following the venture, Kalra, Mohapatra, and three other individuals founded Oxyzo in 2017. Oxyzo, a combination of the words oxygen and ozone, was founded as an offshoot of the couple's first startup.
upGrad is expected to end the current fiscal year FY22 with consolidated revenues of Rs 1900 crore, and has achieved overall success in the current quarter, according to company co-founder and chairperson Ronnie Screwvala. According to the company's regulatory filings, upGrad reported consolidated revenue of Rs 302.26 crore and net losses of Rs 211 crore in FY21, which ended March 31, 2021. With the fourth quarter (January - March) of the current fiscal year (FY22) profitable, upGrad anticipates reducing losses to around Rs 150 crore in FY22.
Eruditus, UpGrad's peer, reported revenues of nearly Rs 961 crore in FY 21, with annual losses of Rs 1994 crore for the same period. The expected revenue growth for upGrad is the result of the company making nearly five acquisitions in the current fiscal year, which contribute to its topline.
During the current fiscal year, the company announced the acquisition of Impartus Innovations, Knowledge Hut, Talentedge, Work Better Training, and Global Study Partners.